The police found 50 million 1 peso coins in a warehouse in the Philippines, which have suffered from a shortage of small change for years. The central bank is calling for coin hoarding to be criminalised – but parliament passed such a bill in 2014. How come?
In the World Banknote Summit’s conference program a “must” topic is of course the learnings from the Covid-19 pandemic, but also digital currencies and the future of cash. The event will be held online from 22nd to 24th November 2021 and registrations are open.
In the Covid year 2020, the US Mint produced over 24 percent more circulation coins than in the previous year: 15.5 billion coins, nearly a record. This is due to a constant shortage of cash in the USA. However, the Mint alone cannot solve this issue.
In many countries people prefer cash over cashless. But what do you think, which one is currently the world’s most cash-reliant country? A hint: more than 3 out of 4 transactions are done there using banknotes and coins. Read here the results of a new research.
All over the media we read about the death of cash and the advent of a new, cashless, dawn. But Covid-19 has reminded us of how essential cash is to us all and instead of a decline this recent period has shown a near-unprecedented growth in demand.
12Page 1 of 2